Goodyear spending $25 million a year on NASCAR
At the end of 2022, Goodyear extended its supplier/sponsorship contract for US motorsport series NASCAR, but at that time did not provide any further details on the duration of the agreement concluded with the eponymous National Association for Stock Car Auto Racing. A new GlobalData report on this motorsport competition, titled The Business of NASCAR 2024, indicates that the tyre maker’s NASCAR commitment extends from 2023 to 2027. Whats more, the data analysis specialist states that Goodyear’s NASCAR sponsorship will cost the company US$25 million a year during this period.
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HiQ Tyres & Autocare expands into Tewkesbury
The HiQ Tyres & Autocare network has recently expanded with the opening of a new location in Tewkesbury. This first HiQ centre in the Gloucestershire town is managed by PJ Nicholls and welcomed its first customers in May. The new centre is located on Ashchurch Road, conveniently situated a few minutes from Junction 9 on the M5 and equipped to provide comprehensive services such as MOTs, tyre changes, and other car maintenance tasks.
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Hankook Tire releases 15th ESG report
Hankook Tire & Technology has released its 2023/24 ESG Report, detailing its sustainable management activities and performance for the year, alongside its mid and long-term strategies. This annual report, now in its 15th edition, emphasises key achievements across three main categories: Eco Value Chain, Sustainable Product, and Responsible Engagement. These accomplishments align with Hankook Tires ESG vision of Innovation for a Sustainable Future.
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Advanced manufacturing tech – Nokian Tyres secures €150 million loan for Romanian plant
Nokian Tyres has entered into a 150-million-euro loan agreement with the European Investment Bank (EIB). The eight-year loan will support Nokian Tyres’ strategic investment in Romania, where the company is constructing the world’s first zero CO2 emission tyre factory.
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Goodyear Q2 2024: $85 million net income, $4.6 billion sales
The Goodyear Tire & Rubber Company reported Q2 2024 results yesterday, announcing sales of US$4.6 billion for the three months to 30 June 2024, with tyre unit volumes totalling 40.1 million. Goodyear’s Q2 2024 net income was $85 million compared to a net loss of $208 million a year ago. The company attributes the year over year improvement to increases in segment operating income.
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Kraiburg Austria sourcing rubber directly from farmers
Retreading specialist Kraiburg Austria has embarked on a significant initiative to source natural rubber almost directly from small farmers in Indonesia. The Austrian firm formalised this development at the German Rubber Conference (DKT) in Nuremberg at the beginning of July, with the signing of a contract between Kraiburg Austria and its long-standing partner, Weber & Schaer.
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Howmet Aerospace: Lower Alcoa sales leads to 7% drop in segment revenue
Howmet Aerospace’s Forged Wheels business, which markets products under the Alcoa brand, has reported revenue of US $278 million during the second quarter of 2024. This represents a decrease of 7% year-on-year and is attributed to volumes shrinking by 4% within the commercial transportation market as well as a decrease in aluminium and other inflationary cost pass through. Segment Adjusted EBITDA was $75 million, a year-on-year decrease of approximately 7%. Segment Adjusted EBITDA margin decreased approximately 20 basis points year over year, to 27.0%.
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Remember This? – July 2024
Our monthly magazine column looks back at the biggest news events from the tyre industry five, 10, 15 and 20 years ago. This months edition looks back to July issues from 2004, 2009, 2014, and 2019 for some of the biggest tyre industry news of those months. Click the month and year to access the digital edition of the relevant issue of the magazine from Tyres & Accessories’ expanding digital archive.
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Read and download Tyres & Accessories Magazine July 2024 now
Tyres & Accessories features construction and mining tyres as well as a comprehensive review of The Tire Cologne in the July 2024 issue, available as an e-paper for subscribers to Tyrepress. The issue also features the annual Tyres & Accessories ranking of the worlds largest tyre manufacturers. Non-subscribers can gain access to Tyrepress with a print or online subscription. Tyre professionals can take advantage of the current Tyrepress Membership offer, helping to drive business online and stay informed with the industry’s leading magazine and websites.
Continue Reading Tyre News in Numbers – July 2024
Tyres & Accessories’ monthly Tyres News in Numbers’ column boils down the latest tyre industry news to the most important statistics of the month. Below, we look at the big numbers from the July 2024 magazine.
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Financial injection to support Ecolomondo’s TDP growth plans
Canadian clean technology company Ecolomondo Corporation is looking to expand and to further develop its Thermal Decomposition Process (TDP) technology, particularly within the tyre recycling sector, after raising funds through a combination of private placement and loan.
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Marangoni increasing Ringtread production capacity
According to Marangoni, its technologies are utilised for more than 25 per cent of the pre-cure retreading carried out in Europe – and this market share is growing. In order to meet increasing demand, the retreading specialist is increasing its Ringtread production capacity with a new facility.
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Nexen Tire reports strong financial performance in Q2 2024
Nexen Tire has announced revenue of KRW 763.8 billion (£427.73 million) and operating profit of KRW 62.9 billion (£35.22 million) for the second quarter of 2024. This reflects a 10.5 per cent increase in revenue and a 69.5 per cent increase in operating profit compared to the same period last year.
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The Tyre Collective partners with HIVED to reduce particle emissions
London-based cleantech start-up, The Tyre Collective, has announced a partnership with electric delivery company, HIVED, to advance research in capturing and reducing particle emissions from tyres. Starting in August, The Tyre Collective’s fourth-generation prototype device (TC04) will be installed on five of HIVED’s all-electric delivery vans in London.
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Targa Telematics consolidates UK subsidiaries under Targa Viasat UK
Connected mobility firm Targa Telematics has consolidated and rebranded its British subsidiaries under the new name, Targa Viasat UK. The new integration follows Targa Telematics’ acquisition of Viasat Connect Ltd in 2023. Viasat Connect has a 30 year history, founded as Enigma Vehicle Systems, with a long history in stolen vehicle recovery and the construction sector. The company said the integration “reinforces the group’s commitment to serving the needs of the UK market.” Targa Viasat UK will focus primarily on the British market, led by Simon Keam-George as country manager.
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